Frequently asked questions?
Can I buy further shares?
The process of buying more shares is also known as Staircasing. Depending on your financial capability you can buy further shares in your home, at any time, after your intial purchase. For most properties you can buy shares up to the 100% value of the property and own it outright. The detailed procedure for this is contained in your lease. For further information on staircasing please call 01603 703 588.
Can I sell my home?
You are free to sell your home at any time, but you must notify Circle Anglia in writing of your intention to sell the property.
We will then arrange for your property to be independently valued (you will be liable for the cost of valuation).
Unless you own your home outright, you will have a ‘nomination period’ in your lease. This is normally 8 - 12 weeks, during which time Circle Anglia will nominate a suitable buyer for you. Although a fee will be charged for this service, it will usually be less than an estate agent will charge.
If we fail to find a buyer within this period, you are free to sell your share in the property privately. If this happens you will be responsible for any estate agent fees.
If you own your property outright (i.e. you have staircased up to 100%), you are entitled to sell your home to anyone you choose EXCEPT in the case of a key worker property purchase, which can only be sold onto another approved key worker.
Further details concerning the sale of your home will be contained within your Lease. Your Solicitor will be responsible for advising you of any conditions or restrictions in relation to this. Please click on Leaseholders for more information. Leaseholders
Can I make improvements or alterations to my home?
You are responsible for all day-to-day decorating, repairs and maintenance and do not need to contact Circle Anglia before carrying out this type of work.
However, if you wish to carry out any alterations, you will need to obtain our written permission.
We will require detailed plans of the works you propose to undertake to ensure that they do not harm the structure of the building or interfere with your neighbours. On this basis, permission will not be unreasonably withheld.
Can I sublet my home?
Providing you have a viable reason, for example, job relocation, you may request to sublet your home as long as you firstly obtain our written permission.
Permission will usually be granted for a limited period and will be regularly reviewed. In certain circumstances, however, we do reserve the right to impose a restriction on who you may sublet your property to and the amount of rent you can charge.
We will need details of your letting agent, written authority from your mortgage lender and require sight of your letting agreement.
You will also remain responsible for your property throughout the term of your letting agreement.
What if I fall behind on my rent or service charges?
Under the terms of your lease, you are obliged to pay your rent and service charge on a monthly basis. If, however, due to unemployment or illness, you find yourself unable to do so, then it is important to let us know as soon as possible.
Failure to contact us could lead to legal proceedings, associated costs and your lease being forfeited which, ultimately, could result in the loss of your home.
How is my rent calculated?
The rent you pay is calculated as a percentage of the unsold equity (i.e. the share Circle Anglia owns). The rent is due on the first day of each month in advance, and will increase annually.
The rent increases once a year at RPI (Retail Price Index - a published cost of living calculator) plus a percentage of the existing charge.
What if I fall behind with my mortgage repayments?
Your mortgage contract is between you and your mortgage lender. If you experience any financial difficulties, which mean you are unable to make your mortgage repayments, you should contact your lender immediately.
Failure to contact them could lead to repossession proceedings which could result in the loss of your home. In exceptional circumstances you may be able to staircase down (sell back equity) in order to reduce your monthly outgoings.
How do I apply?
When you have identified a Circle Anglia property of interest to you (from our website, a flyer, site signage, newspaper advertisement or other website) please visit the “Contact us” section of this site for a telephone number and email address. Contact Us
What is a Registered Social Landlord?
A Registered Social Landlord (RSL) is a non-profit making organisation which provides and manages affordable housing for people who are unable to buy a home of their own on the open market. An RSL may be a Charity, a registered Industrial and Provident society or both.
What is the Housing Corporation?
The Housing Corporation was formed in 1964 as a regulatory body to ensure that all RSLs provide a good standard of management with regards to their property and finances.
Circle Anglia is regulated by the Housing Corporation to ensure our services and every aspect of our business is in line with government guidance.
The Housing Corporation provides funding (received from central government) to RSLs to enable them to build affordable new homes for those in most housing need. All RSLs must be registered with the Housing Corporation before they are eligible to receive public money.
How will the value of my property be affected if the housing market changes?
It is important to remember that house prices can go up or down and if you choose to purchase additional shares or sell your existing share, a new valuation of your property will need to be carried out.
Your additional purchase or sale will then be based on this figure and if property values have increased, you may pay more for your additional share than the cost of your original share.
Alternatively, if you wish to sell your share, and the value has decreased, you may have to sell at a price less than you originally paid.
You will of course benefit from any price increase should the market have gone up and you are selling your home or your share.